Halo Labs' Q3 Revenue Jumps 99% Year-Over-Year

Halo Labs Inc. AGEEF posted third-quarter revenue of $7.2 million Thursday, up 99% year-over-year. 

The company’s gross profit and gross margin for the quarter were $2.9 million and 41%, respectively.

The cost of goods sold amounted to $4.2 million in the quarter.

For the nine months ended Sept. 30, the company posted revenue of $25.4 million, up by 223% from the corresponding period of 2018.

Halo Labs also provided some corporate updates in the report, including entering into an agreement with Falcon International to purchase the rental premium of its California locations; inclusion in the OTC Markets Cannabis Index; the signing of a distribution agreement with Nabis; a partnership with ilo Vapor to develop a wellness brand with DabTabs technology; and entering a supply agreement with Caliva.

“The company is currently in a solid cash position in a challenging capital market environment where other companies in the cannabis industry have had to scale back growth plans. With working capital of $19.1 million and growing margins, Halo is positioned to acquire new assets when opportunities present,” the company said in a press release.

Halo Labs shares were down 24.8% at 23 cents at the time of publication Friday. 

Related Links:

Halo Acquires Dispensary Software Company Cannpos Services, Announces Private Placement

Halo Labs Partners With ilo Vapor To Launch New Wellness Brand